India, China consumers expect gold price to rise: WGC

31 May

In May 2013, 45 per cent of Chinese and Indian consumers said that they had bought gold in the previous six months, the report said. The outlook for the remainder of 2013 is even more positive.

After a sharp fall in gold rate in April, consumers in India and China see an opportunity in the price moves, believing that over the next five years it will increase, World Gold Council (WGC) said here today.

“New WGC research shows that 82 per cent of Asians believe that the price of gold will increase, or will be stable in the next five years. Not surprisingly, demand has surged as consumers have seen an investment opportunity to buy significant amounts of gold,” WGC Chief Executive Officer Aram Shishmanian said in a report here.

In May 2013, 45 per cent of Chinese and Indian consumers said that they had bought gold in the previous six months, the report said. The outlook for the remainder of 2013 is even more positive.

“We anticipate record quarterly totals for the second quarter in India and China. Even if ETF outflows continue, it is quite likely that gold previously held in the ETFs will find its way to Asian consumers taking a long-term view on gold,” WGC said.

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